According to Prehistoric Waterford this is the stone known as the “High Stone”.
This stone is situated about 100 yards from Picketts Cross. Tradition says that a tailor living here was ordered by a giant to make a suit of clothes for him in a certain time. When the giant came for the clothes the tailor had not them ready, and the giant was so angry that he threw this stone at the tailor and buried him under it. The marks of the giant’s fingers are to be seen on the stone.
This story from Patrick Walshe in the 1930s is part of the Schools Collection that is presently being digitised at duchas.ie.